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, and some bad news, bad news you know. if you are in top 2%. taxes are going up, good news, maybe not up as much as you feared. welcome i am neil cavuto, it could be just one of those famous trial balloons. but indication today that president obama is a little bit more flexible on the tax hike for the rich, at least than we thought, but he still want to doe i have tdestroy you rich pe, kidding, he doesn't toupee more but not clinton era more. 38%, that is potentially a significant development, it could be a deal maker, he is why, president says he -- republicans to give in on having rich pay more taxes, republicans could say as least as not as much more. in a sense, it splits the tax revenue difference. there is still a long way from the deal. but clearly sign yet that this president, who has been attacked for not being flexible on spending cuts, by not cutting anybody. what to make of it? tom fanning. and former bush front economic director todd. erin, what are we to make of this? do you get a sent from this, that this is the making of a middle ground deal? >> i think it is. i was up on
. the reason why we're here, a couple of things. we're focusing on the most taxed state in the country. in fact it got a little bit more so of at recent election. two propositions approved by voters. one calls for hike in taxes on so-called rich at 250,000 and over and another calls for hike in sales taxes that affects pretty much everyone. the argument went something like this. we cut pretty much all we could cut and we were still knee deep in a lot of messy stuff. so the only solution is to raise taxes and maybe get this economy moving. say what you will. california does seem to be showing the first seedlings of improvement. activity picking up here. home sales picking up here. retail sales picking up here. not dramatically. when a third of voters say things are getting better and they're more confident they will get better, well that might seem very anemic to you, it is double what it was a little more than a year ago. so progress in this western state where they seem to favor of late raising taxes more than they do cutting spending. just that spread to washington in era we're told with ongo
does not include a tax increase on the so-caldwell thee but does contain $800 billion in revenue through tax reform, another $600 billion in health savings and much more. all told, the net savings amount to around 2.2 trillion dollars. the white house responded to this letter by saying that the president is, quote, willing to compromise but not on the subject of making job creators pay more in taxes. however, what our tax and spend commander-in-chief fails to understand is that putting money into the hands of you, the american people, is the single best way to spur economic growth, and it's not just people like ronald reagan who understand this principle. bill clinton famously said the era of big government is over and the end of wel welfare as we know it. why? because government is not the answer. government is the problem. there was that other iconic democrat, the one that occupied the oval office in 1962. he spoke of the benefits of cutting taxes. president obama, i hope you're watching this. >> this can be the most important step we could take to prevent another recession. th
for an emergency, just in case. this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also argue he calls for a balanced approach but asking for about four times as much in tax hikes as there are in possible spending cuts, all of which on the spending cut front would come later: possible spending cuts, all of which on the spending confront will come later. he also wants to permanently do away with the congress approves debt limit, effectively giving himself a blank check to add as much the sequence to a national debt that already stands at $16 trillion. moments ago, speaker of the house speaker boehner saying that the democrats plan is not going to fly. >> the
♪ imus in the morning ♪ >> attention, stock holders, there is a tax revolt brewing and you are going to win. good morning, everyone. tens of billions of dollars in extra dividend payments have been announced and the money will be paid this year, so, you avoid the expected dividend tax increase next year, that's a tax revolt sticking it to the president and the treasury. and here is a forecast that "varney & company" got right. the obama team wants to raise tax now, promises of entitlement reform later and ignore the debt. that's the fiscal cliff deal of the day and the market likes it and the numbers are 5, 16, 22, 23, 29, and the powerball is 6. you lost. the government won. "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, . . >> . stuart: it's a modern day tea party. it's a revolt led by corporations. the wall street journal reports 173 companies announced they'll pay special dividends for shareh
asking the wealthiest to pay slightly higher tax rates. we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though
the new talk about raising the gas tax. what a great idea. lori: i love paying over four dollars a gallon. washington not the only one that cannot get a deal done. entering day 76. its small business that is really on then ice. melissa: time now for stocks as we do every 15 minutes. lauren simonetti. washington is playing politics over the fiscal cliff. we are near session lows right now. >> 11 points away from session lows. the dow is clinging onto that level right now. consumer discretionary is your best performing sector this month. it is lower today, as is technology. the s&p 500 trying to hang onto a monthly gain. not sure if we can do it. certainly higher for the week and nasdaq higher for the both of them. a two-day chart of yelled is really interesting. they expect fourth-quarter sales in china to decline. lots of analysts cutting this stuff today. melissa: lauren, thank you very much. lori: after laying out his opening bid to fisk the fiscal cliff, -- listen to a sampling of that. >> you will see your taxes go up on january 1. i am assuming that does not sound too good for you. t
dollar deficits throughout that time. tax policy hasn't changed during that time. tax policy is exactly the same. you hear in the newspaper all the time, mr. speaker, the bush tax cuts. i don't know that that has meaning anymore. in 2001 and 2003 we did do some dramatic changes to tax policy. president obama extended all of those changes in 2010. that's the law of the land still today. tax policy has been exactly the same over this continuum. what has changed, mr. speaker, what has changed is the spending. the reason deficits have grown not one, not two, not three but almost four times larger than the previous record deficit in american history is not because tax policy has changed, it hasn't. it's because federal spending policy has changed. and that's what we have to get our arms around here in this body. what i show going forward, mr. speaker, put a little square around the annual budget deficits that have been run during the first four years of the obama administration, but i also project what the congressional budget office believes, that's a nonpartisan budget planning group we ha
's accept to believe you for a handful of republicans in congress to hold middle class tax cuts hostage because they don't want tax rates on upper income folks to go up. >> let's not kid ourselves. i'm willing to move forward in good faith. our original framework still stands. >> andrea: the republican leader mitch mcconnell said he burst in laughter when tim geithner outlined the president's plan. what's next? rush limbaugh and charles krauthammer want republicans to walk away and let obama own the mess. >> the best thing to do is back out of this and let obama and democrats have it and do what you want to do. that will happen anyway. i don't know about you, i don't want my fingerprints on this. >> this is almost unheard of. what do they expect? they think the republicans will cave on everything. i think republicans should walk away. >> eric: so on tuesday, i remember -- >> andrea: i floated the idea and i said why can't republicans vote present? let obama have his bill or not show up. a lot of members wouldn't show. they would book dentist appointment or pull a hamstring and let him g
obama. the different in dollars. the president wants $800 billion more in tax increases. the republicans want approximately more a trillion dollars more spending cuts. that's the difference between the two sides just in dollar terms. there is a difference between the two sides in terms of principle. the principle centers on higher tax rates, yes or no. speaker boehner many latest offer is raise $800 billion mostly from the wealthy by limiting deductions. the president says, no, don't want that. we want to tax the rich with higher tax rates on the rich. we have a dollar difference, a difference in principle. martha: we are hung up on ideology here. if you can get the money one way and it produces a long lasting change to the tax code which both sides say they want, what seems to be the problem? >> reporter: it's ideology. the president one the elect, he says he won it on taxing the rich. he want to win the debate. whether it's the best solutioner to the economy is an entirely different story. this is a political and ideological argument and we'll see who wins. martha: there is a couple wa
cost of living increases for social security benefits. they also propose overhauling the tax code to generate $800 billion in new revenue. but without raising taxes on the wealthy. in a letter to the president, leading republicans compared their plan to one erskine bowles drew up last year. >> not even close. >> he rejected that connection and the white house, of course, is hitting the road. we'll get to that in a moment. but here's my question. i've been watching the coverage of this and reading it. and there's a lot of liberals who were like, he won, ha, ha, they're so arrogant about it, it's hard to like them. because it's just not attractive. but he did -- >> yeah, he won. >> and he is going to the american people with this. and why can't the starting point of these negotiations be about the tax rates and go from there. why are we at square one? and why is this on the president at this point? since he won. i understand the first four years being kind of bruising. >> right. >> but -- at what point does he have the right to draw a line in the sand? >> so he has every right to dr
will not hold more meetings or face to face until the republicans agree to increase the tax rates. so what was on the paper yesterday was the idea to still increase revenue without increasing the actual tax rate by getting rid of the deductions and loop holes. that is not acceptable . it au pairs a hard line stance now and the meetings are off. >> brian: they talked about a two-step process. maybe we can leave the tax rates except the horrible people that make a lot of money. leave those tax rates in place and do the hard stuff in the second half . year and of course, we have the, the debt ceiling that has to be raised in a month. if the president gets his way and forces the hand of republicans to accept something they will not forget that and he will have another battle with the republicans when the ceiling has to be raised. the president is indicating to some that there is wiggle room from 35 to 39 percent and willing to accept 39 percent. >> steve: and in the jack kemp awards dinner. we saw two faces that could vy for the republican nomination in 2016. paul ryan and marco rubio. they we
the politics are currently after the election. economists usually determine policy prior to tax rates. host: we are host: we are running out of time to give final thoughts as we conclude. what do you think is next on this debate? guest: we are weeks away from a deadline. an important one. where not only our tax policy is going to change but significant spending cuts are slated to take effect as well. i'm actually a little bit more concerned today than i was a day or two ago. in the sense at the moment policymakers are moving in opposite directions. in part that's the ways of washington and i think we'll see a few collapses before we ultimately get together somewhere in the days before christmas on a compromise. we have been talking about marginal tax rates, which i think are a key part not only of the budget question, but a key part of the broader economic question in terms of economic growth. and i'm hopeful that any solution that comes together is going to think a lot about economic growth and not just budgets. host: ethan? guest: i think i may be a little more hopeful than alex is. i think t
taxes, no specific cuts according to "the new york times" and "wall street journal." actually, $50 billion more in stimulus spending and no specific spending cuts. it was a nonstarter, and they knew it was a nonstarter. richard wolffe, my question to you is, why did the white house decide to have this as their opening volley when they knew the response would be a negative one that they drew? >> well, they put on $400 billion in medicare cuts. so there were some specifics in there. but was it a hardball opening? yeah, of course it was. the question is, what's the counteroffer, right? they're trying to not just provoke a no. they want the counteroffer. and the counteroffer is, what is it? there isn't one. >> it looks like right now it will probably come back now as $800 billion in new revenue, probably higher specific cuts. >> you forget one extra demand, of course, which is ban the debt ceiling piece. that's huge, right? that's, like, unilateral disarmament. we're going to offer you to unilaterally disarm. i like that one, too. because they were sensible. let's face it, the markets
the bush tax cuts for the middle class. the latest from stephanie cutter includes a two-minute video reminding voters that the president campaign and won on that same platform. >> obama: we need to give tax relief to working families trying to raise their kids to keep them healthy send them to college, keep a roof over their heads. that's the choice in this election. >> the administration is still asking you to send in stories about what being able to keep about $2,000 more a year means to you and your family. the president is planning to meet with state governors this week and the business roundtable, a big business lobbying group. this morning fiscal cliff negotiations appear to be at a stand still. treasury secretary tim geithner says the president's offer is unwavering. we're going to let tax rates go up for top earners and republicans will have to work with that reality. >> there is no responsible way we can govern this country with those low rates in place for future generations. those rates are going to ha
the irs is about to hit millions of americans with new taxes to pay for the health care law. the new taxes hit certain people's investment income, capital gains and dividends, and they also impose a new income tax separate and apart from the one you already pay. joining me now, the president of the american commitment, and he's been joining us on the health care law for months now. phil, this is very interesting because we had the supreme court rule that obamacare was a tax, and there was a debate about whether it really did impose new taxes or not. it's very clear the so-called rich in this country, people who makeover $250,000 as a family or $200,000 as individuals, are going to have their investment income hiked irrespective of any fiscal cliff talk. this is all thanks to obamacare? >> yeah, that's exactly right, megyn. there was a surtax in the health care law, supposedly to pay for medicare, but they raised it -- they raided the money out of medicare before it even arrived to pay for the new obamacare spending. it's 0.9% additional medicare tax on wages of high income earners, and it
like we are today with the defense authorization bill but also other critical issues, including tax issues and spending issues and that's what i wanted to address today. we -- we have a lot of challenges and instead of pulling together, we seem to be pulling apart. and i'm specifically referring to some of the suggestions by some in the majority that we consider controversial and partisan rule changes that would marginalize minority members and doing it in a way that breaks the current rules to change the rules. and what i mean by that is, it takes 67 votes to change a rule here in the united states sena senate. that's a rule, by the way, that dates back to 1917. and the reason that's in place is because obviously, you know, folks wanted to force the majority and the minority to work together to make those rule changes. you don't get a two-thirds vote without that. and i think that's important, that the basic rules are ones that are agreed on. we tend to change parties a lot around here. in fact, we've shifted back and forth between republicans and democrats seven times in the past
one month to come up with a plan to stop the across the board tax hikes and the major federal spending cuts from taking effect. i'm gregg jarrett. >> heather: i'm heather childers. some of the early optimism for a deal seems to be fading. steve is live in washington with more. >> reporter: one month away from that so-called fiscal cliff. there appears to be very little movement toward any kind of deal. president obama is using the bully-pulpit to appeal to the american people to push for immediate action to push the tax cuts for everybody except for those earning more than $250,000 a year. in his saturday address, he stressed the urgency of the situation. >> if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a typical middle-class family of four will see income taxes rise by $2200. we can't let that happen. a families can't afford it and neither can our economy. >> reporter: republicans led by house speaker john boehner says he should quit campaigning and take care of the business at hand. republicans say they are willi
dug in his heels today insisting on tax revenues for higher income earners but at a hint of compromise he said he would consider lowering tax breaks again next year. mr. obama wants to raise taxes on individuals who make more than $200,000 a year and on couples making more than $250. he said this today. the way to recovery. bill whitaker reports from california. schools close as the flu bug spreads. elaine quijano reports on where the virus is woshs and how efgtd the vaccine can be. and what city in america. >> raise revenues that are sufficient to balance with >> the issues is that we are going to have to raise revenues that are sufficient to balance with very you have to cuts that we've already made and we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> pelley: that, the republican house speaker said in response, will never work. the republican counter offer cuts spending and raises taxes for no one and nancy cordes has the state of play as of tonight. nancy? >> reporter: scott, a dispute erupted today over whether neg
said today that he would rather see tax rates go up than close loopholes because then he thinks he can get tax reform passed in the future. a little bit of wishful thinking. >> i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to reform the tax code and broaden the base in the future. >> jennifer: so he's not giving in. he's just bargaining now to see what he can get later. and then we've got the fourth stage which is depression. which is often accompanied according to elizabeth kubler ross by wistful thoughts of better times. newt gingrich is planted firmly in this stage. he said he longs for the 1990s when republicans led by him of course, were, in his estimate aches, republicans were more able, more powerful, able to get president clinton to bend to their will or at least so he said on piers morgan last night when he said "we earned president clinton's respect by closing the government
it to sign this bill so people's taxes don't go up. >> the adult in the room continues his campaign to cut taxes for the middle class, and john boehner keeps shooting spit balls. >> it was not a serious proposal. >> tonight the latest on the stalemate and the democrats' upper hand. mitch mcconnell gets downright ridiculous with his demands to weaken medicare. one of the architects of obama care dr. zeke emanuel responds tonight. >>> house republicans pass an immigration bill democrats say is divisive and inferior. today, congressman javier on why the latino community won't be fooled. >>> the nation's first fast food strike is a historic protest for workers' rights. tonight, what you need to know about the lowest paid workforce in the country. >>> good to have you with us tonight, folks. thanks for watching. president obama knows his opponent is on the ropes and he's not letting up. the president took his tax plan agenda on the road today. he went to a philadelphia, pennsylvania, toy factory just north of philadelphia to focus on the people who will be hurt if the tax rate extensions are no
. timothy depite gite saying we'll raise taxes 1.6 trillion and washington will increase taxes on capitol gains and we would like to say we like the power to raise the debt ceiling any time we want for the executive branch which is unconstitutional. >> steve: it is not 39 or 35 percent. all nonstarters in the world of negotiation. >> gretchen: two things to discuss. why is it tim geithner doing the discussions inted of the president of the united states. let me know if you have an answer for that. and the reason they are asking for this stuff. this is the way negotiations work when you win the presidency. you are walking around with your chest puffed up. this week, nothing will happen. until you cum come up right to the cliff. >> brian: this president is making a mockery of negotiations. he offered a initial trike with under 30 days until the cliff happens . sos the unserious attempt to get anything done. republicans ippedicated we will raise revenue. but the nuggets that are inside and his decision to go to pennsylvania and talk to a tinker toy and scrooge and coal in your pocket is an i
will get smaller. in 28 days your taxes will go up. coming up, a new proposal from republicans to keep us from plunging over the fiscal cliff. >>> three storms in one week. the west coast is getting hammered by rain. a live report minutes away for you. good morning. welcome to "early start" this tuesday morning. i'm christine romans. >> i'm zoraida sambolin. it's 5:00 a.m. in the east. >>> we begin with breaking news. iran claiming it has captured a u.s. drone. this is video from state television in tehran it shows two revolutionary guard commanders examining what appears to be an intact scan eagle drone. we don't know if it's the one they claim they captured. moments ago a u.s. defense official told barbara starr the u.s. navy has fully accounted for all unmanned vehicles operating in the middle east region. we have the latest developments now from cairo. a u.s. source says that if the iranians do have something, it is not an actively operating u.s. navy drone. what would that mean? could this actually be a fake? >> it could be. it's not clear right now, but iranian officials have a diff
. >> the white house proposal raises taxes 1.6 trillion over a decade. republicans close loopholes and get rid of deductions. they say the mast won't work. >>> it is still out of balance. it is 800 million worth of revenues. he said he is going to do that by lowering rates. when you look at the map it doesn't work. >> the house majority with kevin mccarthy said yesterday the speaker moved to the middle by putting revenue on the table. jay carney also said the boehner plan is quote pagic beans and fair redust. >>> peter doocy, live in washington. thank you. >>> chaos in cairo. egyptian president mohammed morsi returning to the presidential palace overnight. he left amid clashes between police and 100,000 protestors. look at that. they are outraged over her recent power grab. it shows there should be great concern about morsi. >> people have said the muslim brotherhood is moderate, it is responsible, it will not be a problem if it takes power has been proven wrong i think beyond a shadow of a doubt. this man is in power through whatever means he can get it. >> steve harrigan has more from cairo
tax cuts hostage simply because they refuse to let the tax rates go up on the wealthiest americans. >> the republicans call this a bait and switch. >> alisyn: we'll debate. >> dave: one massachusetts town rolling out the welcome mat to long islanders for christmas tree lighting after the they refused to budge on the holiday event. the p.c. please. >> should you tip your garbage collector or how about your child's teacher? we have tips for tipping or the barista at starbucks. >> dave: no! sorry, ladies and gentlemen. >> "fox & friends" begins right now. ♪ >> are you supposed to tip the teacher. >> dave: some are, some are not. >> you want to err on the side of tipping and is it too much. do you tip the garbage man or the postal employee. you leave a bunt cake outside. >> alisyn: yes, money. they want money. >> dave: we'll get into it later, but it's tough because it used to be you tip someone for extraordinary service. >> alisyn: right. >> dave: now you just tip someone please. >> alisyn: so they don't egg your house, that's why you're tipping. >> and go to ff weekend and fire it
they are going to block a deal because they want to extend tax cuts. what you can expect from the and the a willingness to sit down and explore what the best way to get through this is. it's in the interest of the american people. >> that was followed by a fierce response from grover norquist, the man behind the no tax hike pledge embraced by many in the gop. >> every republican who had impure thoughts has to go back to the drawing board. they have just been told there are no real reforms in this budget. $1.6 trillion in tax increases. >> joining me is eleanor cliff and david dreker thank you for being here. so eleanor, we have timothy geithner who says there will be a deal before the end of the year but it doesn't look like anyone is willing to budge. is that your take away? >> i think there's a rhythm to these negotiations. and right now each side is staking out their optimal position. the republicans reportedly laughed at the proposal. if they can extract concessions from the president, then they can look like they have gotten something in the deal. so i think we're in the
the current system and waiting to fix it later. yeah, no one wants higher taxes, but we're not in a deep reception right now. we absolutely are going to die if things start to chang and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity
by huge tax hikes and spending cuts. finding out where the negotiations stand. >> rick: plus, talk of a republican rebound, we'll speak with some young party leaders who are very enthusiastic about the future and we'll ask them how they plan to prove the republican party is a party for everyone. >> arthel: and as the holidays draw near, we check in on the victims of hurricane sandy. how they're surviving, plus an international story of americans who know all too well what they're going through and are now lending a helping hand. >> rick: we begin with a fox news extreme weather alert out of northern california. they're now being slammed there by another in a series of severe storms that have already killed one person. the region already dealing with flash floods, mud slides, downed trees, power lines. people there say they've never seen anything like it. >> i haven't seen this in many years. this much water running through my property. that water runup should not come on our property. they have to have holding ponds or some sort of drainage in place to divert or what have you, from
right i'll resubmit it for you. $1.6 trillion in tax increases over ten years. $50 billion in immediate stimulus spending. he was rubbing their nose in it, yeah i want more stimulus. how do you like me now. no congressional votes to raise for debt ceiling and $400 billion in long-term savings from medicare. republicans, conservatives oh, they're we side be side themselves. >> the proposal delivered by secretary geithner was not a serious proposal. >> it was not a serious proposal. >> we got to get serious here. >> serious decisions. >> say it isn't so, mr. speaker. >> serious matter. we're being serious. this is not a serious offer. >> this is an insulting deal. >> this is not a game. >> i'm not trying to make this difficult. >> that offer yesterday was simply not serious. we're not going to increase tax rates. >> and that's just the way it is. >> cenk: i love that. >> seriously. >> cenk: yes seriously--everybody get serious. our position is not changing at all. i can't believe that other guy who won't change his position. >> and also we don't remember that we just lost an election. it'
it comes to taxes. as you all know by now house republicans sent in a fiscal cliff counter offer yesterday but the white house is calling it no good. i want to give you an idea of where the two sides stand right now. boehner's new plan would raise $2.2 trillion. now it would extend the bush tax cuts for everyone and yes that does include the top 2%. and it would instead raise $800 billion in revenue from so-called tax reform and that's what we mean when we talk about capping deductions and closing loopholes. the rest of the money comes from cuts to both mandatory and discretionary programs. now to recap again on the president's offer, he wants to raise $1.6 trillion, that's double boehner's amount on the rich an and he's asking for more than $200 billion in stimulus spending and promising about $400 billion worth of cuts to social programs. now obviously those two plans have very little in common. neither side is budging when it comes to their demands on taxes. but now here are a few problems with boehner's proposal.
and congress have just one month to prevent tax hikes and spending cuts that really could send the economy according to some right back into a recession. we are glad you are with us on this friday, everybody, i'm jenna lee. jon: i'm jon scott. president obama offering his opening bid to avoid the fiscal cliff but it's not going over well at all with republicans. house speaker john boehner saying no progress has been made in negotiations. mike emanuel is live on capitol hill now. what are the republican complaints, mike, and how are they pushing back at the president? >> reporter: senator john john cornyn who is a member of the rupp leadership says he thinks president obama wants to go over the fiscal cliff by proposing higher taxes, no spending cuts and no plans to save entitlements. with president obama going to pennsylvania today, the house republican whip, kevin mccarthy's office put out a video profiling a small business nearby in pennsylvania that would get hurt by a tax hike. >> i'm jerry gorsky from an engineering company. however good or bad we do is my income. this notion of $250,
plan and what the white house proposed are stark when it comes to taxes. the gop calls for $800 million in new taxes. it's half of what the white house asked for. republicans to $67 billion. the gop plan changes how security benefits would be calculated. why he favors tax rates instead of eliminating deductions. not enough revenue. less revenue equals more cuts in education. republicans ruled that out saying the new revenue would not be achieved through higher tax rates which we continue to oppose. they were referring to an erskine bowles plan that he testified to in the fall of 2011. the white house made it clear that's a nonstarter and they won't even respond until the gop puts forth a plan that includes a tax rate hike. the obstacle continues to be republicans who hold out hope. millionaires and billionaires. while it sounds like the two sides are far apart, the budget numbers are not that far apart. the white house you get close. they say it lacks detail. doon pfeiffer says it does not say which loopholes they would close or savings they would achieve. if the president is rejecting
in the cabinet for president nixon. i am personally kind of disappointed that bee are talking about tax rates for the rich. >> steve: campaign. >> brian: what about the middle class people standing in the back drop as they need a break and the president urging for something to be done yesterday and there is no scheduled meetings with john boehner. >> gretchen: it is annoying to see just a campaign. how many people are tired of a campaign speech. why not come to the table and figure it out. i don't understand it. >> steve: at this point, both sides know what they will give up. what their concessions will be. they don't want to go first. we are 33 days away from the official fiscal cliff and sailing off of it . in the washington post they describe a sense much gloom descending over the capitol, bowles meet and he sees one and three chance of an agreement before january. but mr. bowles had met with the president the day before and president had flexibility about that higher tax rate. he wants 39.6 percent. maybe he would take 36, seven,. >> brian: or raise the thres hold. >> gretchen: why would
are they going to increase taxes. i predicted 37-38% and capitol gains 20%-22%. i don't have definitive numbers for you sos i got it right but i read this today: >> cenk: now do you understand that? the clinton era rates are 39.5 wear. all along, president obama was saying i'm taking away the bush tax cuts, we're going back to the clinton era rates right? all of a sudden not really going back to the clinton era rates. that's why i was saying you know what, they might increase the rates because president obama has said it way too many times not to increase the rates at all, but although as we've sheen you, they've also hint haded they might lower rates. he's not going to go back up and take the bush tax cuts away. the final might be 37%. politico same reporting as the wall street journal on that. they say it might be about $1.2 trillion in tax increases. they say realistically it could be closer to a trillion dollars. that's similar to what we've been hearing. the democrats are supposed to have leverage, but looks like they'll get the same trillion dollars that president obama has always been as
tax bracket as of yet. there's no mustard on there, is there? i'll see you in a little bit, mr. barnicle. thank you, john. "morning joe" starts right now. >>> i think they won the election. they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground, and we need to find it quickly. >> good morning. it's monday, december the 3rd here in new york city. the christmas tree all lit up. with us on set, msnbc contributor mike barnicle, pulitzer prize-winnering historian jon meacham, author of "thomas jefferson." "fortune's" assistant managing editor leigh gallagher and political analyst, former chairman of the rnc, michael steele. and i'm willie geist. joe and mika have the day off today. there's so much to talk about, but we do have to begin with the ties, if we could. it's not just mike. mike's getting all the focus here this morning, and that is inexcusable. >> could i just say, in the words of speaker john boehner, we need to find common grou
is the time for us to work on what we all agreed to, which is let's keep middle class taxes lower. >> time for the president and democrats to get serious about the spending problem that our country has. but i'm optimistic that we can continue to work together to overt this crisis. >> politico also reporting that the two men had a phone call yesterday that was, quote, curt. can these two men with a history of butting heads meet in the middle before america goes over the edge? >> we have a very, very reasonable chance of going over this cliff. every hour is ticking by, every day is ticking by. >> i think when this gets played out at the end, they'll get right up to cliff on new year's eve, we'll all be hugging cliff and giving cliff a kiss on the cheek. >> from the capitol to the white house, get who is coming to lunch. mr. romney goes to washington. he'll dine today at 1600 pennsylvania avenue at the invitation of the president himself. the question, is there a grander purpose behind their lunch date. >> is governor romney here tomorrow in some kind of cabinet level position, an audition fo
days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to m
a middle class tax cut as first part of any deal. and he linked republicans to scrooge today while touring a pennsylvania toy factory. listen. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. every family, everybody here, you'll see your taxes go up on january 1st. i mean, i'm assuming that doesn't sound too good to you. that is sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> that's pretty scroogy, right? president obama's proposal calls for $1.6 trillion in new tax revenue. $50 billion for new stimulus spending. and about $400 billion in entitlement cuts. republicans say, the president's proposal's nothing but a political stunt. here is boehner. >> the white house spends three weeks trying to develop a proposal and they send one up here that calls for $1.6 trillion in new taxes, calls for a little -- not even $400 billion in cuts, and they want to have this extra spending that is actually greater than the amount they're willing to cut. i mean, it is -- it was not a serious proposal. and
creation in our country. >>er -- every family in america will see their taxes automatically go up at the beginning of next year. >> shepard: so how to avoid that. >> the president and congress will either fail together or we will succeed together. >> there has to be a deal. there has to be an agreement. >> and if they can't come up with a compromise, we are all going to pay the price. plus, they are some of the biggest names in baseball. bonds, clemens, sosa. all three tainted by accusations they used performance enhancing drugs. but should that keep them from cooper's town? tonight, the great debate over baseball's hall of fame ballot but first from fox this wednesday night, the president hopes who have the framework of a deal to avoid the so-called fiscal cliff by christmas. president obama says he would like congress to pass a bill even sooner to extend tax cuts for the middle class families. and he invited some of those middle class americans to the white house today to help make his case. >> i have got a pen. [ laughter ] i'm ready to sign it. [ applause ] so, my point here t
. there is a new normal cindy. that's thanks to that giant check. taxes will take a big chunk of the winnings of course. the family will still walk away with more than $136 million. mike tobin live in our midwest newsroom. mike, do we have their address so we can drop by? >> sure, yeah. they were hoping you could come by for tea. the hill family is just trying to get their arms around all of this sudden fortune. they are talking about different things they may do. they may go on a vacation. they are talking about charities to which they may donate without making a commitment. it's interesting. you heard from sons cody there who said his dad said don't say nothing as soon as they learned that they were the winners. then while texting with his sister-in-law, he learned that dad had already techno blabbed. >> i said well, dad, he doesn't want me to say anything, say anything? he said you have seen his facebook? [ laughter ] so i got my dad's facebook and i was like i think it's pretty safe to say the cat's out of the bag. >> and dad is kind of hinting, shep, that he wants a red camaro. >> shepar
over for the fiscal cliff. the republican plan has will00 billion for tax freerm 900 billion in mandatory spending cuts and 300 billion in discretionary cuts. the proposal falls short of what the president wants and cannot be taken seriously. >>> we understand they don't agree with everything the president has put on the table but we haven't seen alternatives for that. they have spoken about an avenue and that challenge is welcome. republican leaders have been adamant they don't believe rates ought to go up on the top 2 percent of wealthiest americans. the american people overwhelmingly disagree. the rates have to rise and republicans need to acknowledge that. >> the major difference between the two sides is over taxing on the rich. obama wants to raise taxes on the wealthy. obama wants to eliminate deductions and close loopholes plus cut spending for entitlement programs. the president has said there can't be tax cuts for the rich at the expense of the domestic program which is frustrating for some republicans. >> this president, i think the president with president obama he
the message along, put pressure on lawmakers to get this middle class tax cut extension down. the president sitting down with small business owners, with ceos of major companies, pushing that middle class tax cut message. they don't believe that this is the comprehensive solution, but they believe this is a step towards the final solution, a final agreement to prevent this fiscal cliff scenario. the president saying he believes that this can get done before christmas. take a listen. >> a clear majority of americans, not just democrats, but also a lot of republicans and a lot of independents glee that we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. if we agree that we should not raise taxes on middle class families, let's begin our work with where we agree. >> of course there are some lawmakers who are not that optimistic. they don't think there's enough time between now and the end of the year to get a deal done. nonetheless the president will continue pushing his message. he heads to pennsylvania tomorrow. he wil
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